Evening Star Newspaper, October 6, 1931, Page 13

BAIN N D. C. BANK DEPOSITS SHOWN Controller’s Call Finds Insti- tutions of Capital in Splen- did Condition. BY EDWARD C. STONE, Controller of the Curreny John W. Pole issued & call today asking for the condition of all Washington banks and all the national banks in the country, as of September 29. Reports from as many banks as could be reached before time of going to press indicate that aggregate deposits in Washington banks on September 29 were larger than on the call of June 30. The majority of local banks report a decrease in deposits since the last call at the end of the Government's fiscal sear, but a notable gain made by Riggs National, as well as some smaller ad- wances reported by other banks will off- set the lower figures announced by other banks and hold the total above the June figures. Gains Reported. Riggs National reported a gain since Tast ~June of 71,983.50, deposits reaching $60,658.2 In the cases of 1e decreases in deposits noted by other . most of them are of small pro- several banks almost equalling their June figures, Had the call come on September 30, tead of the 29th, many of the banks Which reported lower deposits would have announced gains. Jg comparing the present figures with the June figures it should be recalled that the June 30 1 was on a Government pay day, sending thousanas and nds of Uncle Sam’s workers rush- ing to the banks to put in money or in September considerable money 1so withdrawn from local banks ayment of real estate and per- X thus drawing down the sum of funds on hand. Several bank cials said today that the deposits last night were higher than they were on the date of the June call and much higher than on September 29. It was also reported today that sav- ings deposits in the local banks are still going ahead rapidly. Depositors manifesting amazing thrift in their ts to place money on savings ac- The savings deposits are not om other deposits in to- Comparisons of Deposits. Following are comparisons of deposits on September 29 and June 30, the date of the last previous call, of as many banks as couid be reached in ‘he lim- ited time before going to press: Scpt 29, Jupe 3. $57.386.204 9.198:271 Washi 2g252E e zssenuee: 58S BEsS a838uasgdsasd 22388 3 oioisnaisn isee 3 SER it At d St 2 481 1307, B ¢ Savi 1545 3848261 The complete figures all the banks n Washington will be available in a few days, reflecting the sound condition of Jocal finarcial institutions Today's Trading on Exchange. Bond sales outnumbered the stock ctions on the Washington Stock e today. Potomac Electric Power 6s and Washington Gas Light 5s were the most in demand, selling around recent BORls ashington Railway & Electric pre- ferred stock came out at 95 on a very cht turnover, 50 shares of Real Estate Mortgage & Guaranty preferred sold at and 10 shares of Capital Traction registered a sale at 25, Only one bank stock appeared on the board, scven shares of American ecurity & Trust Co. changi Security changing hands Washington Clearing for today PIPE LINE PROJECT NEARS COMPLETION Epecial Dispatch to The Star. BALTIMORE, October 6.—Pipe lines e Columbia Gas & Electric Corpo- nfrom the fields of Kentucky, h Virginia, West Virginia and nd. to connect with existing pipe astern Pennsylvania will be the first of November. This dy supplying gas through rminus to Washington Gas Lizht Co., Washington, and to Lexing- ton and other communities in Virginia. onal communities in Virginia and Virginia are now being piped for distribution _and service will be urated this Fall. umbia system is a large owner of reage in the gas fields now being de- veloped in Northern Pennsylvania and in Western New York. This develop- ment is being carried on under co- operative arrangements with other large corporation has outstanding a antial amount of current indebted- ncurred in the extension of its pipe lines to deliver natural gas to some of the most highly industrialized sec- tions of the Atlantic seaboard to which gas has never yet been supplied. BRITISH SHIPBUILDh\IG INDUSTRY HAS DECLINED By the Associated Press The last 12 months have been trou- blesome for the shipbuilding industry t Britain and Ireland. s to the Commerce Department ndicate that not only has shipbuilding fallen off to an alarming extent, but difficulties have arisen over shipyard nd the price of steel furnished Eritish_steel manufacturers. One ng feature of the year has been the activities of the National Ship- build Security, which has been buy- ing up obsolete shipyards for the pur- pose of dismantling them, thus reduc- ing the potential capacity of British shipbuilding and tending toward ni tionalization of the industry. Tonnage under construction on June 30 last amounted to 555,603 gross tons, a reduction of 834,460 tons, or 60 per Cent, from the year before, " Launching during the June quarter likewise showed | rp decline when compared with a sh the corresponding quarter of 1930, drop- ping by more than 63 per cent. The greatest decline, however, took place in the figures for tonnage begun, which amounted to 230,000 gross tons in the quarter ended June 30, 1930, and only 23,000 tons in the same quarter of the current year, a reduction of 90 per cent. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold’ Selling checks Value: ay. Londo; pound... . $4.8665 $3.85 i : Seise 30dc h Madrid, peseta. . yienna, schilling. Budapest, Prague, cr. Warsaw, enhagen, oslo, crown Siockholm, House figures NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. 4 In 100-share lots exeent these desigmated by leiter *'s.” Stoek ane Bales— Net. Dividend Rate. 2% Abitibl Pwr & Paper. 21 A’ham & Str (37%¢). 6 2% 5 22 106'4 100 Abram Straus pf (7). 100s 106" 23% 3% _23%_ 1% 109% 10% 204 12% 591 182% 7 Adams Express (1).. 2214 Adams Milis (2) 10 Addressograph (1) 2 AdvRumley....... 52 Afr Reduction(t4%). 1% Airway Elec Appl. 7 Alaska Juneau (40c); 81 Allegany Corp. 8 Alleg Cp pf $30 ww., 68 Allied Ch&Dye (né). 126 114% Allied Ch&Dye pf(7) 42% 23 29% 62% "18 Am Bank Note (13).. ~ 14 Allis-Cha mers (1) 13 Amerada Corp (2). 5% Am Agri Chem(Del), % 10 25 10 4 215 10 3 66% ' 54 Am Bank Note pf (3) [10s 4% 17% 38 124% 129% 110% 41 3% 48% 60 10815 11% 201% 1214 128% 132% 132 T27% 6% Baldwin Locomotive 104% 87% 801 107 66% 10 60 14% 90 81 111 6% 101% 26 4 1% Am Beet Sugar. . 4 Am Beet Sugar pf. 21% Am Brake Shoe(2.40, 95 Am Brake Sh pf (7). 71% Am Can Co (15). 134% Am Can Co of (7). 9 Am Car & Fdry (1) 40 Am Car & Fdy pf (7) 615 Am Chain.. 31% Am Chicle (13), 5 Am Colortype. ‘Am Comel Alcohol. 40 Am & For Pwrpf(6), 461 Am & For Pwr pf(7). 25 Am & For Pwr 2d pf. 415 Am Haw St'ship (1). 814 Am Hide & Leath pf. 37 Am Home Prod 4.20.. 8 Am Locomotive (1).. 61'4 Am Lo'motive pf (7). 16 Am Mch & Fdy 1.40.. 1% Am Mach & Metals. . 5 Am Metal Co. 28 Am Natural Gas pf.. 14% Am Pwr & Lt (31)... 70% Am Pwr & Lt of (8).. 7 Am Radiator (60c) 2% Am Republics. 10 Am Rolling Mills. ... 27 Am Safety Razor (5) % Am Ship & Com 20 Am Shipbuildin 19% Am Smelt Ref (2). .. 9815 Am Sm & Ref pt (T) o 28 Am Snuff (13%).... 00% Am Snuff pf (6)..... 14 Am Solv & Chemical. 7% Am Steel Found (1).. 36 Am Stores (123%). 3414 Am Sugar Ref (5). 90 Am Sugar Ref pf (7 414 Am Sumatra Tob. ... Am Tel & Telex (9).. 71% Am Tobacco (16). ... 74% Am Tobacco B (16).. Am Tobacco pt (6).. ‘Am Type Fy pf (1) Am Water Wks (3).. Am Wat Wks efs(3). Am Wat W 1st pf Am Woolen Co. ‘Am Woolen Co pf. Am Writ Paper ctfs.. Am Zine & Lead pt. 12% Anaconda Copper-. ... 14 Anaconda W &C (1), 13 Anchor Cap (2.40 5% Andes Copper 8 Archer Daniel Mid 20 Armour of Del pf (7) 1 Armourof Tl (A)... 1 Armour of 11l (B). 6 Armourof I pf..... 3% 5 10% 3% . 9% As=o Dry G (2%)... 91 Assoclated Oil. 9735 Atch To&S Fe (10) 91 Atch To&S Fe pt (5). 59 Atl Coast Line (7)... 16% AtlGulf&W I pf.(5). 9% Atlantic Refining (1) 21 Atlas Powder (4).... 8415 Auburn Auto (£4)... 16% Austin Nich pf A (3) 214 Aviation Corp (Del 36 Baldwin Loco pf (7). 28 Balto & Ohio4)...... 4815 Balto & Ohio pf (4).. Bamberger pf (63%). Bang & Aroos (3%).. Barker Bros. .. Barker B1os pf (6%) Barnsdall Corp'n. ... Bayuk Cig 1st pf (7). Beatrice Cream (4) .. Beatrice Crm pf(7).. i Belding-Hemingway. Belg N R pt pf 14.81 Bendix Aviation (1). 1(2). Bethlehem Stl pf (7 Blaw-Knox (1)...... % Bohn Alumn (13)... Borden Co (k3) v i Borg Warner (1)..e. Boston & Maine R Briges Mfg (11%) % Brockway Mot Trk Bklyn-Man Tran (4). Bklyn-Man Tr pf (6) Bklyn Union Gas (5) Brown Shoe (3). 5 Brown Shoe pf (7) Brunsw-Balks. Bruns Term & Rwy Budd (E G) Mfg. Budd (E G) Mfg pf.. Budd Wheel (1). . Bullard Co. . Bulova Watch (80c). 4 Burns Bros(A) v.t.c.. Burrough A M(t13%) Bush Terminal(23) 90 Bush Terminal pf(7) 1% Butte Copper & Zinc. 4% Butterick Co. ... 12% Bvers (A M) Co 13% Calif Packing (2) 315 Calumet & Hecla. 71 Camp W&C Fdy (1).. 14 CanadaDryGA (3).. 11 Canadian Pacific 1%. 17% Cannon Mills (1.60). 5% Capital Admin (A).. 27 Capital Ad pL(A) (3) 334% Case (J 1) Co.... 53 Case (J 1) pf (7). 11% Caterpillar Trac(3). 4 Celanese Corp. . 2% Celotex Co... 15 Cent Aguirre (1%).. 50 Century Rib M pf(7) 97 Cerro de Pasco (1). 2% Certain-teed Prod. 11 Certain-Teed pf. . 3% Checker Cab Mrfg. 23% Ches & Ohio (234)... 14% Chesapeake Corp(3). 3% ChiG Wi 3% Chi Mil StP & Pac pf. 1414 Chi & Northwest (4). 38 Chl&NWDpL(T).... 3% Chi Pneu Tool 10 Chi Pneu Tool pf.. 20 Chicago R 1&Pacific. 50 ChiR1& Pacpf (7). 815 Chickasha Cotton Ol 8 Childs Company. 11% Chile Copper (1%) 113 Chrysler Corp (1) 26% City Ice&Fuel (3.60) 6614 City Ice&Fuel pf 6% 1 City Stores. 5 City Stores (A) 16% Cluett-Peabody (3). 95 971 Coca-Cola (17%).... 49% Coca-Cola (A) (3)... 28 i% Collins & Alkman. .. 7'3 Colonial Beacon. 84 Colo Fuel & Iron. 30 Colo Fuel & Ir pf (8) 16% Columb G & 12 (1%). Col Gas&El pt A (6). Columb Carbon (5).. Comm Credit (1.60).. Comcl Credit A (3) Comcl Crea pf (1%). Comel Cred 1sL(6% ) Comcl Cred pf B (2). 154 Comcl Inv Trust (2) 99 Comel Inv Tr pf 63. Comm Inv cvpf(e6). 9'4 Comcl Solvents (1). 43 Comwith&Sou (40c 68 Comwlth&Sou pf ( 15 Conde Nast Pub (2).. 67 Congolm-Nalirn (1).. 714 Congress Cigar (1).. 20 Consol Cigars (5) 47 Consol Cgrprpf6%. 3% Consol Film.. Cluett-Peabdy pf (7) 1908 Colgate-Pal-P (2%).x 5 187 10015 1067 157 4 495 308 376 3 90 2% 21 101 T 23 10 10% 10015 101 49% 214 22 101 Add 00. High. Low. Close. Chge. - % —2% % 1% +1% 10% 3, 1% 10% - 110 + 91 1 214 ~1031 les— qrg Low. vidend Rate. __1dd 00, Higl 78 Consol Film pf (3).. 14 )fl'n h._Low. Tt 603 69% 62% 96 109% 107 14% 107 124% 23 21 % 30 1021 Stock and 61 Consol GasN ¥ (4)., 93 Consol Gas NY pt(5) 9% Consol Laundries(1), 20 ConsolRwys pt (6).o 1% Consol Textile e 2% Container Corp (A) % Container Corp (B) ., 5% Contl Baking (A). % Contl Baking (B). 40 Contl Baking pt (8)u 811 Contl Can (2%)....0 4% Cont Diamond Fibre., 19% Cont Insur (2.40)...y 1% Contl Motor 5 ContlOil (Del) 1% Contl Shares. 126 Corn Prod pf (7).... 3% Coty Inc... 20 Cream of Wheat {23 Crex Carpet........ Crown Cork (2.40)... Crown Cork pf (2. Crucible Steel. . Crucible Steel pf (7). Cuba Co..... Cuba RR pt (6 Cuban-Am Sugar. ... Cudahy Packing (4). Curtis Publish (4)... Curtis Publish pf (1) 1% Curtiss Wrignt.. 214 Curtis Wright (A) Cushmans pt (8) D 2 Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (2).. Detroit Edison (8) Devoe & Ray A(60c)., Diamond Match (1).. Diamond Mtch pf 1% Dome Mines (1)..... Domn Stores (1.20).. Doug Afrcraft(t1%) Drug Corp (4)..... < Duluth § S & At1pf., Duplan Silk (1)..... Dupont de Nem (4).. Du Pont de N pf(6).. Durham Hosiery pf. 10 538 109 astman Kodak (+8) astman Kod pf (6). aton Axle & Spr(1) 1% Electric Boat....... 215 Elec&Musical Instru 167 Elec Pwr & Lt (1)... 5 Elec Pwr & Lt pf(6). Elec Pwr & Lt pt (7) Elec Storage Bat (4). Endicott-Johnson (3) Endicott-John pf (7) 22 Eng Pub Sve (1.60).. 184 Equit Office Bldg 2% 10% Erie RR....... 1314 Erie RR 1st pf (4) 315 Eureka Vac Cleane: 13 Exchange Buff (1% 5 Fairbanks-Morse 13, Fashion Park Asso. 26 Fed Lt & Tr (31%) Fed Mines & Smelt Fed Wat Sve A(1.21 Fed Dept Strs (25¢) . Fid Ph Fire In(2.60), Fifth Ave Bus (64c). Firestone T & R (1).. Firestone T&R pf{(6) First Natl Strs (215) Fisk Rubber. .. .. Fisk Rub 1st pf conv Follonsbee Bros. . Food Machinery 1%. Foster Wheeler (1).. Foundation Co...... Fourth Nat Inv mise Fox Film (A) (2% Y4 Freeport-Tex (3) Gamewell Co (3) Gardner Motor. Gen Am Investo: Gen Am Inv pf (6) GenAm Tank Car(4) Gen Asphalt (2). Gen Baking (3) . Gen Baking pt (8) Gen Bronze. Gen Cable ( Gen Cable pf.. Gen Cigar (4)....... Gen Electric (1.60).. Gen Elec spec (60c) . Gen Food Corp (3).. Gen Gas&El A(e30c) Gen Gas&E cv pf(6). Gen Mills (3).. Gen Mills pf (6).. 4 Gen Motors (3) Gen Motors pf (5). Gen Outdoor Adv.... Gen Outdoor Adv(A) Gen Prtg Ink (23%) 10 25 ‘2 e, 667 5 50s 129 108 3 65 283 90s 4 4 31 1 258 2 2 33 5 120 24 Gen Prtg Ink of (6).. 320s Gen Public Service. . Gen Ry Signal (5)... Gen Ry Signal pf (6) Gen Realty & Utll. .. Gen Realty & Util pf. Gen Refractories (3) Gen Theatre Equip. . Gillette Saf Razo: Gillette Saf R pf Gimbel Bros. ... 4'5 Glidden Co. s 48 Glidden Co pr pf (7). 3% Gobel (AdOIf)..u.... 18 Gold Dust (2%4)..... Goodrich (B F) Goodrich (B F) pf. Goodyear T & R (3). Goodyear 1st pf (7). Gotham Silk Hoslery Graham-Paige. .. ... Granby Con Min (1). Grand Sil Strs (h1).. Grand (Tnion. . Grand Union pf (3).. Granite City Steel(2) Grant (WT) (1).... 20 Great Northn pf(4). 12 Great Northn Ore(2) 5% Great Western Sug.. 801, Great Wn Sug pt (7) 1% Grigsby Grunow. 1% Guantanamo 314 15 25% Hahn Dept Stores. 2 Hahn Dpt St pf(6%) Hall (WF) (1.20). Hanna pf (7). Harb & Walker (1).. Hayes Body Corp. Helme (GW) (17)... Hercules Mot (80c).. Hercules Pow pf (7) Hershey Choe (6)... Hershey Choc pf (15) Hollander Sons. ... Homestake Min (18). Houdaille Hershey. . Household Fin (4.20) Houston Ofl. ..... Houston Oil (new).. Howe Sound (2) Hudson & Man (3% Hudson Motor (1). Hupp Motor: Illinois Central ( Indian Refining Indust Rayon (4). Ingersoll Rand (4).. Inland Steel (2%4)... Inspiration Copper. . Insuranshares Del A Insur Shr(Md) (40¢)., Interboro Rap Trans Interlake Iron. In. Agriculture int Agriculture pf... Int Bus Machine(n6) 4 Int Carriers,Ltd 60¢. Int Cerpent (4). 4.0 int Combustion. ... int Combustion pf. ., int Harvester (2%), int Harvester pf (7). Int Hydro E1 A (e2), Int Match pf (4). ‘nt Merchant Marine. Int Nick of Can(40c) Int Paper pf........ Int Paper & Pwr (A) 4 Int Paper & Pwr (B) Int Paper & Pwr C Int Printing Ink. Int Printg Ink pf (6) 5 Int Rys Cent Am cfs. Int Salt (3) Int Shoe (3) Int Silver. Int Sflver pf ((7). Int Tel & Tel (1).... Iat Dept Stores (2).. Interstate DS pf(7). Interst DS pf xw(7) 83 Intertype Corp (1).., 2 Investors Equity.... 15% Island Creek Coal(4) “B175 24 Jewel Tea (4) BO% 21 Johns-Manvil] 1 120s 5 10s 4 3 a6 108 108 308 1 2 15% 304% 37 9y 20 3. 15% 24% 32 Net. A ._Ctge. Emfi% 1% 69 7 8 15% —-3% 30% +6% 37 46 ESDAY, OCTOBER 6, 1931 STOCKS INRALLY | ON ACTIVE TRADING Hoover Conference Arouses Hope for Improvement in Business Conditions, BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 6.—Alded by the announcement from Washington that President Hoover, in co-operation with bapking leaders and with the sup- port of representatives of both politi- cal parties, was working on a plan for restoring confidence in the economic situation, the stock market today staged a vigorous rally after Monday's sweep- ing_declines, The list opened higher and with only minor reactions advanced throughout the morning. Some of the gains in stocks that had been heavily sold were quite large. United States Steel ran up 5 points in the first two hours. Amer- ican Can galned almost as muc! American Telephone came back an there was a rapid recovery in the prin- cipal railroad shares, including Atchi- son, up over 7 points; Union Pacific, Baltimore & Ohio and others. Prices opened generally higher as a result of the belief that something con- structive may come out of the con- ference at Washington tonight. American Telephone opened up 1 point at 122, General Motors at 22% wgs off 15 Borden, whose directors meet for dividend action today, opened up 34 at 373,. J. I. Case at 361, rose 27;. Standard Oil of New Jersey in a;lr lB.Sl)ll-shal'e block opened at 283, off_ig. Public Service of New Jersey was up 3 at 527. Consolidated Gas opened up 1 point at 62's. Anaconda Copper at 123, lost a fraction and hit a new low for the year. Coca Cola gained 415 points at 102, Radio was up frac- tionally at 11, The rails were {rregular, Great Northern at 20’3 being off ’; and at a new minimum for the year. A block of 2,000 shares of United States Steel ol?:ned at 10:10 o'clock at 64, being up 194 points. Chesapeake & Ohio at 231, dropped 4. tionally to 30. 135 at 100. Trading Volume Heavy. The pace slackened a little toward the end of the first hour and a few stocks that had enjoyed the swiftest upturns were off from their best prices for a time. This check in the advance, however, was overwhelmed with a new supply of bids. American Can, after opening up 5 points at 77, dropped back to 74i.. Dupont, which was at one time as high as 57 sagged back to 541 Coca Cola dropped from 1031 to 101% The volume of trading in some in- vestment favorites was very heavy Pennsylvania rose frac- Union Pacific was up General Motors came out in & string | of large block sales and was nearly a point above its previous close, Au- burn advanced 7'. points to 92. Dur- ing the first half hour, trading amount- ed to 900,000 shares, compared with | 500000 n the same period Monday. Call money renewed at 112 per cent. A new stock exchange ruling com- pelling sellers of stocks to notify brok- | ers whether such orders were for long or short account emphasized the deter- mination of the governors to keep s close watch on operations for the de- cline. As a matter of fact, it is doubt- ful whether there was much, if any short selling on Monday. The break in the market then was plainly the result of forced liquidation for both home and foreign accounts. However, it was made very plain that short selling was in disfavor fscm now on. Shorts Cover. Acting on this theory, coveris Ve on briskly throughout the list. g Tene There was also buying by investors who had been waiting some kind of turn befcre entering the market and who seemed to think that unless they. acted soon they would lose their chance. In any event the recovery was the most pronounced since that of last June, when the President published his in- ternational debt moratorium pla; INVESTMENT TRUSTS B C Tr Shrs “D" C Tr Shrs “E" & Cont Corp & Gen Sec “A" & Gen Sec B... . & Gen Sec 33 pf < i 2% bl Fars 190 Com 1. rs cv pf ctfs Fdrs_1-40 com . m Ins Stocks Bansicilla asic Industry ..., British Type Inv . Century Tr Shrs Chain & Gen Eauit Chain & Gen Eq 'z Chain Store Invest . Chain Store Inv pf Chelsea Exc Chelsea Exch B .. % % Cumulative, Tr Sh 4 420 21218-2033-20 12 99 103* 18 3 Crum & Foster o Crum & Fost 8 pi .. . Crum & Fost Ins Crum & Fost Ins A Bt Tr Eauity Invest ... Equity Invest pi Equity Trust Shrs | Year Fixed Tr ust 8h A General Equity A Granger Trade, Gude Winmill Trad Incorp Investors Incorp Invest Equi Independ Tr Shrs Int Sec Corp Am A Int Sec Corp Am B Int Sec Am 6% pf, Int Sec Am 6i3s Inv Tr N Y Coll “A Invest Trustee Sh Leaders of Indust A Leaders of Indust B Leaders of Indust C.. Low Priced Shrs Major Corp Shrs Mass Invest Tr Mutual Inv Tr A Indust “Shrs Natl Tr Shrs N ¥ Bk Fuj D Am nd Tr Stand Collat Trust State Street Invest Am Tr A o 5 weussuusiuansudan s wusl saluewwaws Universal Tr Sh English buildi and loan associa- tions, first established 150 years -s;, fi ey S S Y im] STEPHENSON URGES THRIFT EDUCATION President of Bankers’ Asso- ciation Sees Good Pros- pects for Business. Speclal Dispatch to The Star. ATLANTIC CITY, October 6—Pride in his fell bankers for the way in which they have stood up during the difficult times of the past two years was volced by Rome C. Stephenson of South Bend, Ind, in & review of his year's term as president of the American Bankers' Association at the opening general session of the fifty-second an- nual convention here this morning. Describing how during the past year he had traveled in the banking field from one end of the country to the other, Mr. Stephenson declared that it had been & year of soul-testing days and nights for the banker everywhere. “When we think of how many of our bankers have stood up under the stress and storms of these times and how relatively few of them have proved wanting in the series of crises that have assailed them, we may feel a sincere pride in our fellow bankers,” he said. Confidence in Nation, Mr. Stephenson said Le had come out of this year of somber experiences not as a pessimist, but as an optimist-—as one with a renewed faith and confi- dence in the spirit of his fellow men under overwhelming difficulties. “And particularly,” he declared, “do T come out of this year as a banker who is proud of bankers for the undaunted | way in which they have met their part of the great test through which the times have put the Nation. I believe that this year has brought new honor to our banking traditions banking professicn and has won for the banker new title to the faith and trust of all classes of his fellow citizens. “When we reflect that the entire hu- man economic structure has been brought to the verge of ruin under the difficulties that have swept not only the Nafion but the entire world, and that the results of events of this kind react with particular directness upon the sta- bility of our banks, and yet how com- paratively few have succumbed, we may well renew our confidence in the banks of America.” Mr. Stephenson said he hoped none of his successors would have the oppor- tunity that he had had of seeing so many of his brother bankers going “through all the purgatorial trials on the economic calendar.” As for his im- mediate successor, he said, he could confidently predict that he would not duplicate the experience, for he was sure that before the next term of office will have run its year's course there will be a very different state of affairs in the Nation than has existed during the past year. He said that looking toward the longer future he was convinced that the most constructive action that can be taken toward bringing about greater stability in our business life is the development of a more balanced attitude in the minds of all of the people in regard to the right relationship between saving and spending. He declared he did not think it an impossible dream to bring about an era of more intelligent and economic planning cn the part of the masses of the people, involving greater saving during prosperity as a basis for normal spending during less active times. It js not impossible to change the habits of the population, he said and he peinted out how the health of the Nation in many ways had been im- proved by consistent programs of adver- tising and education that have brougl about better hygienic understanding and practices. “Bxtravagant Advertising.” He declared that he thought bankers might profitably follow these examples, for above all they are interested in stable, wholesome business. He recom- mended that a major part of their ad- vertising and financial advice during the period that lies ahead should be devoted primarily, not to getting new customers but to the inculcation of sound personal financjal habits. He remarked that many of our peo are now ‘economizing extravagantl and that millions who are able to con- tinue a normal program of prudent buy- ing are “curtailing their expenditur: beyond reason.” The resumption of no mal spending on the part of those who are able to do so would be an impor- tant tonic toward the stimulation of trade, he declared. Observing that a basic source of the events of a period is the spirit of the times, Mr. Stephenson said he would bespeak for the future a greater spirit of humility in success and tolerance in adversity. He said that during the period of our prosperity there had been too much boastful pride in achievement, grasping for power, conceit over success that “often enough was brought by nothing more substantial than an infla- tion of false values rather than the cre- ation of true qualities.” On the other hand, he said, during these days of adversity too little has the spirit of the times been ruled by the neighborly quality of helpful toler- ance, and impatient blame has placed the cause of our troubles in the deeds of others rather than of ourselves, add- ing to the difficulties of dealing with present-day problems. “And so I say, study as we will good business methods, scientific economic principles or sound governmental poli- cies, let us study, too, the part our natures play in the course of events,” Mr. Stephenson said. “When we enter another period of prosperity—as Wwe surely will—let us both as individuals and as a Nation do so with a humble spirit—and let us keep it humble, no matter what success attends our ef- forts. And while the present period of adversity still lingers let us approach our task of rehabilitation with that spirit of tolerant confidence in the good intentions of one another that can alone bind a people together in a common cause.” LACK OF SUPPORT. NEW YORK, October 6 (Special).— The stock market today entered the fourteenth week of decline, the longest period of reaction without a sustained rally that it has had since the break began in October, 1929. Average prices were off more than 50 points from those at the end of June. The percent- e of decline has now reached the highest figure for any of the major breaks during thé depression. This is & cheerless picture, but it has some compensation in that it re- flects a volume of liquidation,, both from domestic and foreign. holders of securities, that has rid the market of a majority of the distressed situations and brought prices to a level where people are buying stocks on the basis that they have, as a whole, gone as much below their real value as they went above it in 1929. The absence of concentrated support in any one of the main groups of stocks is an un- favorable influence still. It suggests to the small holder that the “big in- terests,” which awe him less than ever before, but still influence his jud t, are not ready to buy on a substantial scale. The better sentiment in the bond market in the last few days has been helpful in giving encouragement to holders of> common stocks. COAL OUTPUT GAINS. By the Associated Press. Production of bituminous coal gained 2.6 per cent during the week ended September 26, as compared with the previous week. Total output for com- parable periods, as measured by the Mines Bureau, follows: Week ended Bepw{nbn 2%&.43:6000 ; previous weel ns; same week tons. and our | AN U. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of business October 3 was $576,893,594.69, Customs receipts for the month to date were $4,770,766.55. Total ordinary expendi- tures were $17,795,580.75. LOANS Is Your 1st, 2nd or 3rd Trust Due? Need Money? MR. FRIEDMAN 416 5th St. N.W., Room 707. NAT. 4519 *m||l|ll||""l|ll||Illl"Imlllmmmfllmmflfllmmlllmllllllml"mumimllllll'* Money ‘Available for Mortgage Loans EITH our resources and facilities we can render Money to Loan first deed of trust on real estatéy & interest and eommission. n sy, Josoph 1 Has the Depression Affected Your Holdings? ge Real Estate n and uniisted ry . A 507 Manser Bids., Balths prompt service in connection with First Trust Loans — new or refinancing — on apartment house, office building, residential and business proper- ties, located in Washington or nearby Maryland or Virgina. The necessary preliminaries will have every atten- tion, and upon approval of your applica- 5]/ 7 tion the money is ready. Loans made for 3, 5 and 10-year periods, and at RANDALL H. HAGNER & COMPANY MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Ave. Decatur 3600 * (T O PO AR P PR * F. B. KEECH & COMPANY Members of New York Stock Exchange Washington Stock Exchange Chicago Stock Exchan New York Curb Exchange Chicago Board of Trade leergnol Cotton Assoclation, Ltd. New York Cotton Excha: New Orlean: New York Sroduce Bxe Wilinies N Y. Coffee & Sugar Exc) ', Ine Rubber Exc! A New York Cocoa Exchange, Inc. New York Hide Exchange, Inc. Minneapolis Chamber of Commerce tional Metal Exchange, Inc, ‘Bremen Cotton Exchange (Assoc. Members) STOCKS BONDS COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders on the leading exchanges of the world. M CORNER 17TH ST.,N. W., WASHINGTON NATIONAL 0245 Chicago Philadelphla Brooklyn Detroit Winnipeg New York Providence -_- Capital and Surplus, $3,500,000.00 Every Man Owes Jt to His Family —to leave a carefully drawn WILL., To die intestate greatly complicates matters for those you predecease. fOur Trust Officers will be glad to talk this subject over with you, and point out the advantages of CORPORATE fiduciary service. e ? T NATIONAL SAVINGS & TRUST COMPANY The Oldest Savings Institution in the District of Columbia Corner 15th & New York Ave. FROPERTY MANAGEMENT Apartment House MANAGEMENT Sixty- Fifth Year is a significant fact that apartment house properties placed in our care are notably good investments. Our management service takes care of every condition and contingency without worry to the owner—for which our fee is merely nominal. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 LJ Refinancing at 1% offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the substantial savings possible through five and one-half per cent financing. .. Loan Correspondent for “The Prudential” Prompt approvals — Valuable prepayment privileges — Three year loans on newer properties without amortization. H.L.Rust Company 1001 Fifteenth Street National 8100 E 8/ T-AsML 1°8°H E. D 18 809